Changing purchasing preferences of Australian shoppers due to the COVID-19 pandemic could lead to increased vacation home use in New South Wales, says one expert from the Real Estate Institute of NSW.
The keen interest in short-term rentals may cause more buyers to consider buying a vacation home, especially with the trend of working from home, said Tim McKibbin , CEO of REINSW.
"This year, lifestyle as a factor in buying a vacation home has potentially a greater influence. The pandemic and its consequences, including widespread acceptance of working from home, mean that a vacation home can represent a greater proportion of a buyer's time spent, "he says.
Changing regional house prices and increasing sales may indicate this growing trend.
The state's regional markets saw house price growth of 3.1% in the three months ending in November, well outpacing Sydney's 0.3% gain, according to the latest CoreLogic figures.
In addition, sales volumes in regional markets increased by 14.2%, reflecting decentralization fueled by a pandemic.
"If the trend of decentralization triggered by the pandemic continues, the demand for quality properties in traditional vacation destinations will steadily increase and become less sensitive to seasonal changes. It follows that price impact will be positive, ”McKibbin said. .
McKibbin believes that buying a vacation home over the next year would mean more than buyers just wanting to get a vacation home. Instead, he said a visit to the vacation home could be part of their weekly routine.
While buying a vacation home may have triggered buyer's remorse in the past, McKibbin said current market conditions appear to be changing things.
"If the purchase is about lifestyle and the prospect of rental income for part of the year is just a bonus, it can make both emotional and business sense, depending on the customer. numbers, ”he said. "This year, people who don't make a thoughtful vacation home purchase may experience lifestyle remorse."
Top suburbs:
Keperra
,
Harris park
,
Flemington
,
queens park
,
rooted hill
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